Agenda - Council - 04/27/1999 - Laserfiche WebLink

Home

(d) the Mortgage, Security Agreement, Assignment of Leases and Rents and Fixture Filing from the Company to the Issuer (e) the Assignment of Mortgage from the Issuer to the Lender (the "Assignment"). 4. It is hereby found, determined and declared that: (a) it is desirable that the Bond be issued by the Issuer upon the terms set forth in the forms of the Loan Agreement and the Escrow Agreement and herein; (b) the basic payments under the Loan Agreement are fixed to produce revenue sufficient to provide for the prompt payment of principal of, premium, if any, and interest on the Bond when due, and the Loan Agreement also provides that the Company is required to pay all expenses of the operation and maintenance of the Project, including, but without limitation, adequate insurance thereon and insurance against all liability for injury to persons or property arising from the operation thereof, and ail taxes and special assessments levied upon or with respect to the Project p~emises and payable during the term of the Loan Agreement; and (c) under the provisions of Mirmesota Statutes, Section 469.155, and as provided in the Loan Agreement, the Bond is not to be payable fi:om or charged upon any funds other than the revenues pledged to the payment thereof; the Issuer is not subject to any liability thereon; no holder of the Bond shall ever have the right to compel any exercise by the Issuer of its taxing powers to pay the Bond or the interest or premium thereon, or to enforce payment thereof against any property of the Issuer except the interests of the Issuer in the Loan Agreement; the Bond shall not constitute a charge, lien or encumbrance, legal or equitable, upon any property of the Issuer; the Bond shall recite that the Bond, including interest thereon, is payable solely from the revenues pledged to the payment thereof; and, the Bond shall not constitute a debt of the Issuer within the meaning of any constitutional or statutory limitation. 5. The forms of the Bond Documents and exhibits thereto shall be subject to the review and approval of the City Administrator and the City Attorney, as appropriate. The Bond Documents are approved substantially in the form submitted. The Loan Agreement, the Escrow Agreement, the Assignment and the Tax Regulatory Agreement are directed to be executed in the name and on behalf of the Issuer by the Mayor and the Administrator. Any other documents and certificates necessary to the transaction described above shall be executed and delivered by the appropriate Issuer officers. Copies of all of the documents necessary to the transaction herein described shall be delivered, filed and recorded as provided herein and in the Loan Agreement and the Escrow Agreement.